Hindenburg Report Was A Defamation Attempt, Says Gautam Adani At AGM 2024

Gautam Adani on Monday said that the Hindenburg incident was deliberately orchestrated to defame Adani Enterprises while speaking at its 32nd AGM (annual general meeting).

"It was designed to defame us. It was a two-sided attack, a vague criticism on our financial standing," said Adani regarding the report issued by the US short seller about the conglomerate last year.

He further remarked that the Adani Group not only survived the aftermath of the Hindenburg incident but also emerged stronger, demonstrating that no obstacle could weaken it.

"Perseverance was never more evident than what we demonstrated last year. The Adani Group fought back against attacks on integrity and reputation by foreign short sellers, proving that no challenge can weaken our foundations," Adani emphasized.

Hindenburg's report accused the Adani Group of manipulating stock prices and improperly using tax havens, leading to a significant sell-off in Gautam Adani's ports-to-power conglomerate.

Adani also noted that over the past year, the Adani Group faced a dual challenge of misinformation and political accusations, strategically timed to coincide with a crucial follow-on public offer (FPO).

He highlighted that the Adani Group continued to prioritize the trust and interests of its investors. During the investigation into the allegations, the Group refunded investors the Rs 20,000 crore raised through the FPO.

Earlier this year, the Supreme Court gave a clean chit to the Adani Group and dismissed all allegations, reposing confidence in SEBI's powers.

The Supreme Court ruled that the petitioners could not provide enough material to transfer the Adani-Hindenburg probe to a special investigation team. The court disposed of the petitions, finding that the "threshold for a transfer of investigation" had not been met.